Loan and Asset Management - Axos reported a loan balance of $19.317 billion for Q3 FY24, an increase of $457 million from Q2 FY24[2] - The company completed a purchase of $1.25 billion in loans from the FDIC at a 37% discount on December 7, 2023[4] - The total commercial real estate (CRE) loan balance was $5.220 billion, with a weighted average loan-to-value (LTV) ratio of 40%[5] - As of March 31, 2024, 57% of fixed and hybrid rate loans in the portfolio will reprice within 5 years[9] - Non-performing loans (NPLs) totaled $122 million, with a NPL ratio of 0.63%[14] - The weighted average yield on total loans was 6.8% as of March 31, 2024[4] - Loan originations for investment reached $2,801,110,000, an increase from $2,739,261,000 in the previous quarter[19] - The allowance for credit losses to total loans held for investment was 1.36%, slightly up from 1.33% in the previous quarter, indicating stable asset quality[19] Financial Performance - Net income for the quarter ended March 31, 2024, was $110,720,000, a decrease of 27.1% from $151,771,000 in the previous quarter[19] - Net interest income after provision for credit losses increased to $255,606,000, up 18.8% from $215,106,000 in the previous quarter[19] - Adjusted earnings for the quarter were $112,655,000, compared to $92,452,000 in the previous quarter, reflecting a 21.5% increase[22] - Diluted earnings per share (EPS) for the quarter was $1.91, down from $2.62 in the previous quarter, representing a decrease of 27.1%[22] - Non-interest income for the quarter was $33,163,000, a significant decrease from $124,129,000 in the previous quarter, indicating challenges in non-interest revenue streams[19] Capital and Equity - Total stockholders' equity increased to $2,196,293 thousand, up 5.7% from $2,078,224 thousand in 2023[17] - Common equity tier 1 capital to risk-weighted assets improved to 11.47% in 2024, compared to 10.97% in 2023[17] - Tier 1 leverage ratio decreased slightly to 9.33% in 2024 from 9.39% in 2023[17] - Tangible book value per common share increased to $35.46, compared to $33.45 in the previous quarter, reflecting improved capital strength[19] - Common stockholders' equity increased to $2,196,293 thousand as of March 31, 2024, up from $2,078,224 thousand at December 31, 2023, representing a growth of 5.3%[24] - Tangible common stockholders' equity (Non-GAAP) rose to $2,023,839 thousand, compared to $1,903,388 thousand in the previous quarter, reflecting an increase of 6.3%[24] - Book value per common share improved to $38.48, up from $36.53 in the prior quarter, indicating a growth of 5.4%[24] Deposits and Customer Base - Approximately 90% of deposits are FDIC-insured or collateralized, totaling $10.9 billion in consumer direct deposits[10] - The company serves approximately 40% of U.S. Chapter 7 bankruptcy trustees, indicating a strong market position in this segment[10] - Total deposits rose to $19,103,532 thousand, reflecting a growth of 4.9% from $18,203,912 thousand in 2023[17] Operational Efficiency - The efficiency ratio improved to 45.20%, compared to 34.54% in the previous quarter, indicating a decrease in operational efficiency[19] - The net interest margin for the quarter was 4.87%, up from 4.55% in the previous quarter, showing improved profitability on interest-earning assets[19] Allowance for Credit Losses - The allowance for credit losses (ACL) was $258 million, representing 1.3% of total loans outstanding[13] - Allowance for credit losses increased to $257,522 thousand, compared to $251,749 thousand in 2023, indicating a rise of 2.9%[17]

Core Viewpoint - Axos Financial, Inc. is a diversified financial services company with strong growth potential, solid solvency, and liquidity, making it an attractive investment opportunity at its current price [1]. Business & Portfolio - Axos has $21.6 billion in assets, $18.2 billion in deposits, and a market cap of $2.95 billion [2]. - The loan portfolio generates 69% of total revenue, with 75.8% being commercial loans and 77.74% of those being real estate loans [3]. - Key markets for real estate loans include California (41.3%), New York (25.2%), and Florida (8%) [3]. - Management aims for a return on equity (ROE) of 17% or better, 12% annual growth in interest-earning assets, and an efficiency ratio of 40% or lower [3]. Performance - The loan portfolio yield increased to 8.18%, net interest income rose to $215.1 million (9.24% increase), and interest revenue reached $394.6 million (41.15% increase) [6]. - The efficiency ratio improved to 30.96%, and tangible book value increased by 25% to $33.45 per share [6]. - The company repurchased $59 million worth of shares, representing 2.8% of shares outstanding [6]. Outlook - Management expects high single-digit to low double-digit organic growth in the loan portfolio in the coming quarters [7]. - The purchase of two commercial real estate loan pools from the FDIC, with a combined unpaid principal balance of ~$1.25 billion, is expected to enhance net interest margin (NIM) [7]. - NIM is projected to expand by 40-50 basis points over the next 4 to 6 quarters [7]. Solvency & Liquidity - Axos is "well capitalized" under Basel III, with a Tier 1 leverage ratio of 9.39% and a common equity tier 1 ratio of 10.97% [9]. - The weighted average cost of total deposits is 3.64%, and the loan portfolio shows low credit risk, with only 1.15% rated as Special Mention [9]. Valuation - The forward earnings multiple is lower than the 5-year mean, suggesting the stock is undervalued [10]. - The earnings yield is 12.5%, and the book value per share has significantly increased over the last decade [12]. - The current price level offers a potential upside based on historical valuation metrics [12].

Axos Financial (AX) closed the last trading session at $51.80, gaining 1% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $64.83 indicates a 25.2% upside potential.The average comprises six short-term price targets ranging from a low of $56 to a high of $76, with a standard deviation of $7.22. While the lowest estimate indicates an increase of 8.1% from the current price level, the ...

duckycardsForeword This article is based on one AAII Journal article, plus one Barron's article, aimed at finding attractive, stocks for 2024. The title and links to the articles are below: “This month’s First Cut for stocks lists those (17) that passed the greatest number of screens tracked by AAII.com" in its screening [sector]. —by:John Bajkowski March, 2024 in AAII Journal. Small companies deserve a closer look. Barron’s article in the March 25.2024 issue quotes a client note from the head of U.S eq ...

Axos Financial (AX) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Since a changin ...

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:Axos Financial (AX) : This company which provides financing for single and multifamily residential properties, small-to-medium size businesses in target sectors and selected specialty finance receivables, has seen the Zacks Consensus Estimate for its current year earnings increasing 27.6% over the last 60 days.Li Auto (LI) : This company which designs, develops, manufactures, and sells premium smart electric SUVs, has seen the Zacks Con ...

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:Nissan Motor Co., Ltd. (NSANY) : This automobile company has seen the Zacks Consensus Estimate for its current year earnings increasing 9.9% over the last 60 days.Toll Brothers, Inc. (TOL) : This luxury home builder company has seen the Zacks Consensus Estimate for its current year earnings increasing 11% over the last 60 days.Axos Financial, Inc. (AX) : This company which provides consumer and business banking products has seen the Zac ...

Axos Financial, Inc. (AX) announced an additional share repurchase program. Per the plan, the company is authorized to buy back up to $100 million worth of shares. There is no specific start or end date for the newly announced plan.This new share buyback plan supplements the existing repurchase program, which was approved on Apr 26, 2023. As part of the existing plan, it has almost $20 million worth of authorization remaining. AX repurchased $83.2 million worth of shares during the first half of fiscal 2024 ...

Core Viewpoint - Axos Financial, Inc. has authorized a new share repurchase program of up to $100 million, in addition to the remaining $20 million from the previous plan approved on April 26, 2023 [1] Group 1: Share Repurchase Program - The new share repurchase program allows the company to buy back shares on the open market or through private transactions at management's discretion [1] - There is no specified start or end date for the new common stock repurchase program [1] Group 2: Company Overview - As of December 31, 2023, Axos Financial, Inc. has approximately $21.6 billion in consolidated assets [2] - The company operates Axos Bank, Axos Clearing LLC, and Axos Invest, Inc., providing a range of banking and investment services [2] - Axos Clearing LLC manages approximately $34.4 billion in assets under custody and/or administration as of December 31, 2023 [2] - Axos Financial, Inc.'s common stock is listed on the NYSE under the symbol "AX" and is part of several indices including the Russell 2000® Index and the S&P SmallCap 600® Index [2]

SAN DIEGO--(BUSINESS WIRE)--Axos Bank, the nationwide bank subsidiary of Axos Financial, Inc. (NYSE: AX), was named in Forbes Advisor’s “Best Business Checking Accounts of February 2024.” Axos ranked in the top banks for Best QuickBooks Compatibility. Forbes Advisor compared 50 checking accounts at 20 banks and credit unions to find the best business checking accounts available. Forbes Advisor also focused on checking accounts that are nationally available to small businesses. “While other banks charge f ...